The Saudi Minister of Culture, His Highness Prince Badr bin Abdullah Al Saud, representing the Red Sea Collection by the Public Investment Fund, and HSH Prince Albert II of Monaco have signed a Framework Agreement to underline all parties’ shared interests and objectives regarding sustainable development and conservation.

The signing of the agreement took place during the Red Sea Collection’s sponsorship of the Monte-Carlo Gala for the Global Ocean, which last year raised over $14 million for the Foundation’s marine conservation initiatives.

The Framework Agreement formally acknowledges the shared aims of the Prince Albert II of Monaco Foundation and the Red Sea Collection, in relation to sustainable development and marine conservation. The agreement will pave the way for an exchange of information and expertise to help safeguard marine biodiversity and protect coral reefs, as well as combat the growing issue of plastic pollution.

His Highness Prince Badr bin Abdullah Al Saud said, “This agreement underlines our commitment to create the most innovative, sustainable and forward-thinking projects for Saudi Arabia. The pristine coral reefs, thriving marine life and untouched landscapes are what make this region so special, and The Red Sea Collection is committed to ensuring these features are given the utmost protection.”

Nicholas Naples, chief executive officer of Amaala, one of the Red Sea Collection projects, noted, “The Monaco Yacht Show was the perfect platform for us to showcase The Red Sea Collection future offerings to the superyacht industry, sailing lovers and seekers of ultra-luxury tourism in the Rea Sea, one of the world’s pristine paradises, and participation of the Red Sea Collection underpins our commitment to responsible development.”

The Red Sea Collection has further emphasised its support for the Prince Albert II of Monaco Foundation by taking on the role of Presenting Sponsor of the Monte-Carlo Gala for the Global Ocean featuring a dinner, charity auction and after party, attracting a distinguished guest list to raise vital funds to preserve the world’s oceans. The Red Sea Collection is formed from three Saudi giga-projects, Amaala, NEOM, and The Red Sea project.